Businesses and other entities (individually or collectively, “entity” or “entities”) typically require a steady supply of cash and/or other financial instruments to facilitate daily operations. Additionally, an entity may handle, process and/or accumulate a significant amount of cash and/or other financial instruments on a daily basis.
There is often a preference for such entities to keep sufficient funds or cash on hand in order to adequately supply the entity for daily purchasing needs, as well as to provide sufficient change, often in the form of smaller denominations, to one or more customers of the entity.
Entities may receive a volume of cash and/or other financial instruments that exceeds their daily needs. Therefore, there may be a need to transfer cash at numerous times during the day. This may be due in part to a reluctance to keep large sums of cash on hand. The reluctance may be due to liability and security concerns, a desire to maintain adequate cash flow in an account, or due to a lack of sufficient and adequate storage space for the cash. Therefore, an entity may desire to schedule multiple funds transfers, on a daily basis, from the entity to a financial institution.
Additionally, an entity may desire to exchange larger denominations of cash for smaller denominations in order to more readily provide change to customers.
Such entities may temporarily store a portion of their deposits in a vault until a transfer service, such as a cash transfer service or an armored car service, arrives to pick up and transfer the funds to another location. Once the deposits are moved offsite by the transfer service, an entity is typically unable to track the movement of such deposits until, at some later point in time, the deposits clear with the financial institution. Moreover, the financial institution may remain unaware of certain deposits that are expected to arrive at, and/or are en-route to, the financial institution.
Therefore, because entities are typically unable to track the movement of their funds, they often remain unaware of the status and progression of a deposit. It would be desirable, therefore, to provide increased tracking for the progression and movement of deposits at various points, both in terms of transit time and processing progression.
Further, financial institutions often receive only one update regarding transfers and deposits originating from an entity. The update is typically received at the close of business. This prevents the financial institution from analyzing client needs in real-time and responding appropriately.
It would be desirable, therefore, to provide for increased monitoring and reporting of entities' fund transfers. It would be further desirable to increase the frequency of such reporting in order to allow for a more immediate response to client needs, as well as increased processing efficiency, both by the financial institution and the transfer service. It would be yet further desirable to provide tools for an entity to monitor the status of fund transfers, and to provide an update on the progression of the fund transfers.
Therefore, systems and methods for forecasting and reporting funds usage and transfer are provided.